Here are 12 facts about personal finance that you probably don't know, according to SpendMeNot.
The ability to understand finances and budgeting is a life skill that most people learn the hard way. Overspending and seeing bills pile up is a rude awakening. However, education on the subject can help your decision making and budgeting skills. These 12 facts around personal finance are scary.
- Only 24 percent of millennials demonstrate basic financial literacy.
- 44 percent of Americans don't have enough cash to cover a $400 emergency.
- More than 40 percent of student loan borrowers aren't making payments.
- 38.1 percent of US households have credit card debt.
- Around 33 percent of Americans have no retirement savings.
- Only around 25 percent of Americans have a written financial plan.
- Only 30 percent of Americans have long-term financial goals.
- In 2017, the median household income was $60,000.
- Statistically, 45-54-year-olds earn the most income.
- 80 percent of retirement plans entail continuing work.
- 58 percent of US citizens have less than $1,000 in the bank.
- 70 percent of Americans believe they need to work on their finances.